Page 17 - ESPC_Jul24

THE PROPERTY MARKET

The House Price Report: June 2024

We share the latest property market data from across Edinburgh,
the Lothians, Fife and the Borders.

SPC’S CEO, Paul Hilton, talks us overall; one-bedroom flats here cost £61,956
through the latest developments in on average.
E the property market during April-
June 2024. “The amount that buyers are willing to bid
above the official Home Report valuation
“During April-June 2024, the average has shifted significantly in the last two years.
property selling price across Edinburgh, the This has certainly been the case during April-
Lothians, Fife and the Borders was £280,419. June: 74% of properties sold for at least their
Home Report valuation, down from 80%
“West Fife & Kinross saw the biggest leap the previous year, indicating that higher
in average property prices, jumping 8% numbers of buyers were able to purchase
year-on-year to £220,715. By contrast, East a property without paying significantly over clear alignment with the volume of properties
Lothian experienced the largest dip, with the odds. coming onto the market – up 14% on the same
a 4% decline meaning an average price of time last year. Coinciding with this, we’re seeing 140
£283,066; after years of exceptionally high “For properties that did sell above their very healthy levels of sales too, with sales solicitor estate agents
prices (mostly driven by buyers paying Home Report valuation (which was the case volumes up 17% on April-June 2023, meaning
premiums) it’s not unexpected to see East in the vast majority), buyers paid an average the market overall is thriving. ready to help you buy and sell homes
Lothian settle back down in line with the of 102%, which is down 1.3 percentage points Over
regional averages. annually.
“At the risk of sounding repetitive, yet again 2,700
two-bedroom flats in Leith were the top-selling
“Galashiels in the Scottish Borders was “With the reduction in the amount of homes for sale
home to the most affordable property type Home Report valuation paid, we can see a property type, closely followed by one-bed flats
in Leith. This is a trend that shows no sign of 650,000
slowing down, with buyers continuing to snap
up homes in this fashionable neighbourhood. My ESPC emails sent during June
Key points £280,419 “It’s not unexpected to see selling times slow “Overall, the market offers much to be positive

average selling price
down as buyers enjoy more time to view the
increasing numbers of properties available.
about once more. The market is healthy and
Prices increased 0.3% during April-June
During April-June, the median selling time was
23 days, four days slower than last year but still busy, with solid volumes of insertions and
sales, while we’re seeing some consistency in
shows that homes are selling just over three average selling prices that help to make the
102% 23 days weeks after coming onto the market, which is a market easier to navigate. As ever, I would
very healthy pace.
average percentage of Home median time to sell always recommend speaking to your local
Report valuation achieved ESPC solicitor estate agent if you’re thinking
“23% of properties for sale went to a closing of buying or selling a home in Edinburgh, the
1 percentage point lower than last Four days slower than the same date, which is 4% less than the same time last Lothians, Fife and the Borders, to get the most
year, in good news for buyers. time last year. year and very indicative of the climate with so up-to-date and informed local knowledge
many properties coming onto the market. and advice.”

16 | espc.com espc.com | 17